Swedish payments startup iZettle has raised €60 million to fuel its growth

iZettle founder & CEO, Jacob de Geer.
iZettle
iZettle, a Swedish startup that allows individuals and small businesses to accept card payments via an app and a small card reader, has raised €60 million (£52 million, or $63 million) to fuel its growth.

The money, announced by iZettle on Wednesday, comes from existing investors as well as debt funding from US based, Victory Park Capital via its credit fund, VPC Speciality Lending PLC.

iZettle, which set up a small business loan service last year, said it will use the money to help it cover the costs of a recent acquisition and expand into new markets.

The funding round has not changed iZettle's valuation, which stands at $500 million (£411 million), TechCrunch reports.

iZettle said it has also appointed Maria Hedengren as its new chief financial officer (CFO). Hedengren previously served as CFO for publicly listed NetEnt AB (publ), a platform and games provider to casino and sports betting operators.

"Maria's passion is gearing companies for growth and is exactly the type of person we need to get ready for the plans we have for 2017 and beyond," said Jacob de Geer, founder and CEO of iZettle, in a statement. "We are obviously impressed with the work that Maria has done for other fast moving tech companies, many of which live in heavily regulated environments like ours, and are more than excited by what she brings to the table."

iZettle is competing with Square in the US, which was founded by Twitter cofounder and CEO Jack Dorsey.

Gordon Watson, partner at Victory Park Capital, said in a statement: "We have been following the impressive growth of iZettle since its inception. iZettle is an innovator and a clear market leader in Europe and we want to be part of its next chapter of growth. 2017 promises to be a vibrant and buoyant time for both iZettle and its market."